Section R20-6-1702. Authority, Scope, and Scheduling of Examina- tions

A.      The Director shall examine an insurer under A.R.S. § 20- 156(A) at least once every five years.

B.       Instead of the examination under subsection (A), the Director may accept the most recent examination report prepared by the National Association of Insurance Commissioners insurance regulatory authority of another state on any foreign or alien insurer if:

1.        The insurance regulatory authority was accredited under the National Association of Insurance Commissioners’ Financial Regulation Standards and Accreditation Pro- gram at the time of the examination,

2.        A National Association of Insurance Commissioners accredited insurance regulatory authority supervised the examination, or

3.        At least one examiner employed or contracted by a National Association of Insurance Commissioners accredited insurance regulatory authority:

a.         Participated in and reviewed the examination work papers and report, and

b.        Signed an affidavit stating that the examination was performed in a manner consistent with the standards and procedures required by the National Association of Insurance Commissioners accredited insurance regulatory authority.

Historical Note

Adopted effective February 22, 1993 (Supp. 93-1).

Amended effective October 27, 1993 (Supp. 93-4). R20-

6-1702 recodified from R4-14-1702 (Supp. 95-1).

Amended by final rulemaking at 11 A.A.R. 2975, effec- tive September 10, 2005 (Supp. 05-3).